-Individual: exists when a person can produce more of a certain good/service than someone else in the same amount of time.
-National: exists when a country can produce more of a good/service than another country can in the same time period.
•Comparative Advantage
-Individual/National: Exists when an individual or nation can produce a good/service at a lower opportunity cost than can another individual or nation.
•Absolute Advantage
-Faster, more, more efficient
•Comparative Advantage
-lower opportunity cost
Your notes are very helpful when trying to locate a specific topic to study. Furthermore, it's highly efficient how a country or individual is perceived based upon their oppertunity cost when compared to other countries or individuals.
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